Massive Financial Boost for British Film Industry

Britain is set to become the home of more blockbuster movies following a significant financial boost for the British Film Industry. Government efforts to extend tax breaks for the industry have… read more

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Massive Financial Boost for British Film Industry

Britain is set to become the home of more blockbuster movies following a significant financial boost for the British Film Industry.

Government efforts to extend tax breaks for the industry have been approved by the European Union. This means film production companies will be able to claim tax relief of 25 percent, payable towards the cost of production, meansing there will likely be more big-budget movies being made in the country.

Amanda Nevill, chief executive of UK film body the British Film Institute, said: ”The film tax relief is a key ingredient in the UK’s winning combination of outstanding film-making talent and crews, world-leading studios and facilities, and iconic locations.

”It keeps us competitive on the world stage, and helps grow our economy and create jobs at home.

”We warmly welcome this extension to the tax relief and the government’s continued commitment to the UK’s thriving film industry.”

Already, the tax breaks have funded £8 billion of production costs, including films like Gravity and the Harry Potter franchise, which stars some of Britain’s most popular young actors, such as Daniel Radcliffe and Emma Watson.

Some 222 films received such support in 2014, according to the UK government, which indicates that a massive growth in production is likely in the coming years.